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What Does a Specialty POS System Really Mean for Your Retail Business?

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What Does a Specialty POS System Really Mean for Your Retail Business?

Retailers often focus on unique merchandise and a distinctive sales strategy tailored to their customers. Because of this, there is no reason their point of sale (POS) system should not respond to their customersí needs. A specialty POS system means retailers have flexibility, excellent inventory control and a sales staff who are equipped with the tools they need to drive future growth.

Importance of a Unique Point of Sale System

Retail businesses face unique challenges, and the key to meeting those challenges is through customization and real-time data about every facet of their store. This is why a powerful purchase order management tool with plenty of customization options is one of the best benefits of a specialty POS system.

A purchase management tool should allow retailers to go beyond simple automatic reordering and allow retailers to calculate “best-runs.” This means optimizing automatic reordering based on real-time in-store trends or using preset limits like the number of budget dollars available or unit styles needed.

Taking a look at the larger picture, retailers are competing against massive online retailers. If their products are not in stock, it not only means a missed opportunity at a sale, but also a customer potentially lost for good. In fact, an Oracle research report indicated that 89 percent of consumers would begin doing business with a competitor even after just one poor customer experience.

A specialty POS system also looks at unique variables like seasonal spikes and will analyze sales reports to help make predictions on future ordering requirements. On top of that, a specialty POS ensures that a retailer’s inventory system is directly linked with the eCommerce end of a business and offers customization options like online orders and in-store pickups.

Driving Loyalty

A specialty POS is also flexible to work with retailers’ unique loyalty programs instead of making retailers conform to the systemís preset options. That means offering unique discounts, group discounts, and a nearly endless array of coupon capabilities targeted toward loyal customers. It also means storing each member’s history, buying trends, and personal details for future sales growth. After all, loyalty is key. A study by ZenDesk found that the cost of acquiring a new customer is five to ten times greater than the cost for keeping an existing customer.

Financial Customization Options

Specialty POS customization options often delve into the financial end of a retailer’s operation as well. For instance, they offer unique accounting features that can help automate much of the process behind accounts receivable and payable, such as generating accounting ledgers based on each transaction. Retailers can then add as many ledger accounts as needed and adjust the rules based on each account.

Mobile POS Aligns With Business Needs

A specialty POS system always aligns with a retailer’s business needs. For example, many specialty retailers are becoming increasingly mobile, which means a mobile POS (mPOS) option is a must, since it will allow sale staff to ring up items on their iPad or iPhone no matter where they are. Armed with this technology, retailers can take advantage of linebusting, pop-up shops, sporting or music events, kiosks and vendor trucks, offering plenty of additional growth on top of a brick-and-mortar establishment. The increased sales power offered by mPOS might explain why up to 40 percent of small- and medium-sized businesses are now using a mobile platform.

On the sales floor, mPOS allows associates to show customers on-screen product information, look up product availability across stores and process a sale quickly before a customer decides they might be better off making a purchase at another store.

Ultimately, every retailer deserves a POS system as special as their business. Merchants need a POS system that offers complete customization options, inventory control, financial reporting and business intelligence to ensure every retailer has the tools they need to grow.

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